NYSE: CPT · Multi-Family Residential REITs
Camden Property Trust
Camden is a Texas REIT that owns, develops and manages apartment communities. At the end of 2025 it had interests in 175 properties with 59,921 apartment homes, concentrated in markets such as Houston, Washington, D.C., Dallas/Fort Worth, Orlando, Atlanta and Phoenix. 2025 property revenues were $1.57 billion, and average occupancy was about 95% at a monthly rent of about $2,006 per home. In July 2026 Camden sold its entire California portfolio (11 communities) for about $1.625 billion. It also agreed to pay $53 million to settle the RealPage rent-software class action.
Last updated
Analysis last edited: October 14, 2026 · Financial data fetched: October 17, 2026 10:21 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-1210-Q (quarter ended 2026-09-30) · filed 2026-11-06
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 8.6%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 2.15x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 4 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 32.7x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.63
Higher than 52% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 77% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-06-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$102.19close on 2026-11-04
Market cap$10.66B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 32.7x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.4x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 3.6%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 4.1%
At FY2025 year-end: 31.1x
Earnings: trailing 12 months to 2026-06-30
At FY2025 year-end: 2.6x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 3.4%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Jun 30, 2026.
These figures are behind: a newer quarter was reported on Nov 5, 2026, but SEC's structured data doesn't include it yet. Read the release ↗
- Net income$81M → $19M (vs. a year earlier)↓ −76.7%$81M → $19M (vs. a year earlier)
- Diluted EPS$0.74 → $0.18 (vs. a year earlier)↓ −75.7%$0.74 → $0.18 (vs. a year earlier)
- Cash$41M → $45M (vs. previous quarter-end)↑ +9.9%$41M → $45M (vs. previous quarter-end)
- Long-term debt$4.25B → $4.85B (vs. previous quarter-end)↑ +14.1%$4.25B → $4.85B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Jul 30, 2026.
Key changes
Repurchased 1,429,136 shares for $144.1M in the quarter. Source sentence
During the quarter, Camden repurchased 1,429,136 common shares at an average price of $100.78 per share for a total of $144.1 million.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- CAMDEN PROPERTY TRUST
- Headquarters
- HOUSTON, TX
- Incorporated in
- Texas
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: CPT
- Industry
- Multi-Family Residential REITs
- CIK
- 906345
Workforce (as of FY2025 year-end)
Employees
1,640
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 32–37 days after quarter end (Feb 5, 2026; Feb 6, 2025; Feb 1, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 30–37 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 5, 2026 (+36 days) | Nov 6, 2026 10-Q (+37 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 30, 2026 (+30 days) | Jul 31, 2026 10-Q (+31 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 30, 2026 (+30 days) | May 1, 2026 10-Q (+31 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 5, 2026 (+36 days) | Feb 12, 2026 10-K (+43 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 6, 2025 (+37 days) | Nov 7, 2025 10-Q (+38 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 31, 2025 (+31 days) | Aug 1, 2025 10-Q (+32 days) |
| Q1 FY2025 | Mar 31, 2025 | May 1, 2025 (+31 days) | May 2, 2025 10-Q (+32 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 6, 2025 (+37 days) | Feb 20, 2025 10-K (+51 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 31, 2024 (+31 days) | Nov 1, 2024 10-Q (+32 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 1, 2024 (+32 days) | Aug 2, 2024 10-Q (+33 days) |
| Q1 FY2024 | Mar 31, 2024 | May 2, 2024 (+32 days) | May 3, 2024 10-Q (+33 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 1, 2024 (+32 days) | Feb 22, 2024 10-K (+53 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Apartments
Largest markets by homes (end of 2025)
Examples: Houston 8,207; Washington, D.C. Metro 6,194; Dallas/Fort Worth 5,940; Orlando 4,276; Atlanta 4,270; Phoenix 4,094
172 operating properties averaging 967 sq ft per home.
Development
New communities
Examples: Camden Village District (Raleigh), Camden South Charlotte
Three properties (1,162 homes) were under construction at the end of 2025.
Market data are from the FY2025 Form 10-K, Item 2; development names are from the Q2 2026 release.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
2026 developments.
California exit
On July 29, 2026, Camden sold its 11 California communities (3,620 homes) for about $1.625B; about $0.9B goes to repaying the credit facility and commercial paper.
Source: Q2 2026 press release
RealPage settlement
In April 2026 Camden agreed to pay $53M in two installments to settle the RealPage class action; the settlement received preliminary court approval.
Source: 8-K filed 2026-04-09; Q2 2026 press release
Leadership transition
On March 24, 2026, Alexander Jessett became CEO and Richard Campo became Executive Chairman; D. Keith Oden retired as Executive Vice Chairman on August 31, 2026.
Source: 8-Ks filed 2026-03-27 and 2026-08-31
Buybacks
Through June 2026, Camden repurchased 4.06M shares for $422.9M (average $104.08).
Source: Q2 2026 press release
Capex ÷ D&A (FY2025)
0.72x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$440M ÷ $611M = 0.72x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $427M in FY2020 to $440M in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$1.57B
As reported in the 10-K
Revenue CAGR (5 years)
+8.6%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($1,574M ÷ $1,044M) ^ (1÷5) − 1 = 8.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
8.5%▲favorable
6-year average: 7.6%
As reported in the 10-K
P/B (FY2025 end)
2.63x
formulafiscal year-end closing price ÷ book value per share
e.g.$110.08 ÷ $41.83 = 2.63x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +8.6% a year over 5 years (strong growth)
From $1.04B in FY2020 to $1.57B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Equity ratio is 48.2% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ―
ROE averaged 7.6% over 6 years (latest: 8.5%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Property management and leasing
- Development, redevelopment and acquisitions
- Selling older properties to recycle capital
06 · what it draws on
Key resources
- Apartment communities
- Development pipeline and land
02 · why customers buy
Value propositions
- Apartment communities in growth markets with a focus on customer service.
04 · how it keeps them
Customer relationships
- Leases averaging about 14 months; ongoing customer service surveys to respond to residents' needs.
03 · how it reaches them
Channels
- Leases signed directly with residents at each community.
01 · who it serves
Customer segments
- Apartment residents
09 · where money goes
Cost structure
FY2025, share of revenue ($1.57B)
- Cost of revenue36.0%
- Selling, general & administrative5.0%
Depreciation & amortization (inside the costs above): $611M. Capital spending: $440M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Rental and other property revenues ($1.57B in 2025)
- Fee and asset management income ($13M)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Camden owns, operates, develops and acquires apartment communities and leases homes to residents, with average lease terms of about 14 months.
01 what it draws on
Inputs & resources
- Apartment communities
- Development pipeline and land
02 what it does
Activities
- Property management and leasing
- Development, redevelopment and acquisitions
- Selling older properties to recycle capital
03 who it serves
Customers
- Apartment residents
04 how money comes in
How it earns
- Rental and other property revenues ($1.57B in 2025)
- Fee and asset management income ($13M)
How the business makes money
- Average occupancy of stabilized properties was about 95% in 2025 and 2024.
- Same-property NOI fell 1.1% in the first half of 2026 (excluding California).
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Camden’s development depends on zoning and permits.
Approvals & licenses
Zoning and building rules
Developments need zoning, land-use, building and occupancy permits, which can be delayed.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Apartment residents on leases averaging about 14 months.
Named by the company
Residents are individuals; no customer is significant.
Suppliers
Construction contractors and service providers.
Named by the company
No supplier is named.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K says Camden competes with other multifamily properties, condominiums, single-family homes and short-term rental providers. It names no competitors.
Competitors named in the 10-K
Camden's 10-K doesn't name competitors.
Peer group the company chose
2025 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
REITs that potentially compete with Camden for executive talent; Uniti Group was removed after its 2025 merger.
- American Homes 4 Rentsite ↗
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- Douglas Emmettsite ↗
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- Macerichsite ↗
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- UDRsite ↗
- Federal Realty Investment Trustsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
Camden buys and sells individual apartment communities.
2026-04 to 2026-07
Seven apartment communities
Individually $54.3M–$124.6M
Communities in Alpharetta, Orlando, Franklin, Roanoke, Gilbert, Tampa and Nashville.
- Stated purpose (company)
- Not stated.
Source: Q2 2026 press release
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 1,044 | 1,144 | 1,423 | 1,542 | 1,544 | 1,574 |
| Pretax income | 131 | 314 | 664 | 414 | 174 | 399 |
| Net income (attributable) | 124 | 304 | 654 | 403 | 163 | 384 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 9.6% | 24.4% | 8.4% | 0.1% | 1.9% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 11.9% | 26.6% | 45.9% | 26.2% | 10.6% | 24.4% |
| Balance sheet ($M) | ||||||
| Total assets | 7,199 | 7,977 | 9,328 | 9,384 | 8,852 | 9,043 |
| Total equity | 3,517 | 4,266 | 5,057 | 5,052 | 4,747 | 4,438 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 3,167 | 3,170 | 3,681 | 3,715 | 3,486 | 3,901 |
| Equity ratio | 47.9% | 52.6% | 53.5% | 53.1% | 52.8% | 48.2% |
| ROE | 3.6% | 8.0% | 14.2% | 8.1% | 3.4% | 8.5% |
| Cash flow ($M) | ||||||
| Operating CF | 519 | 577 | 745 | 795 | 775 | 827 |
| Investing CF | -430 | -804 | -1,456 | -127 | -285 | -500 |
| Financing CF | 307 | 421 | 110 | -417 | -725 | -322 |
| Free cash flowcalccash flow from operations − capital expenditures | 92 | 149 | 295 | 384 | 381 | 386 |
| Cash and equivalents | 420 | 613 | 11 | 260 | 21 | 25 |
| Per share & other | ||||||
| EPS ($) | 1.24 | 2.96 | 6.04 | 3.70 | 1.50 | 3.54 |
| BVPS ($) | 35.37 | 40.63 | 46.82 | 46.64 | 43.82 | 41.83 |
| Dividend per share ($) | 3.32 | 3.32 | 3.76 | 4.00 | 4.12 | 4.20 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 267.7% | 112.2% | 62.3% | 108.1% | 274.7% | 118.6% |
| P/E (x) | 80.6 | 60.4 | 18.5 | 26.8 | 77.4 | 31.1 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.83 | 4.40 | 2.39 | 2.13 | 2.65 | 2.63 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Net income | Diluted EPS |
|---|---|---|
| 2026-06-30 | $19M-76.7% | $0.18 |
| 2026-03-31 | $42M+9.3% | $0.40 |
| 2025-12-31 † | $156M+283.5% | — |
| 2025-09-30 | $109M | $1.00 |
| 2025-06-30 | $81M | $0.74 |
| 2025-03-31 | $39M | $0.36 |
| 2024-12-31 † | $41M | — |
| 2024-09-30 | −$4M | $-0.04 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
4.5%
Perpetual FCF growth: g = r − FCF ÷ EV = 7.2% − 2.7%
Past FCF growth (FY2020–FY2025)
+33.2%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+8.6%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $386M (operating CF − capex); enterprise value $14.53B = market cap $10.66B (latest close, 2026-11-04) + debt $3.9B − cash and short-term investments $25M; r = WACC of 7.2% using this page’s default assumptions (β 0.63, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$14.3B
FCF $386M ÷ (7.2% − 4.5%)
Theoretical ÷ actual enterprise value
0.98x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 5.2% | 6.2% | 7.2% | 8.2% | 9.2% |
|---|---|---|---|---|---|
| 0% | 0.51x | 0.43x | 0.37x | 0.32x | 0.29x |
| 2% | 0.83x | 0.63x | 0.51x | 0.43x | 0.37x |
| 4% | 2.21x | 1.21x | 0.83x | 0.63x | 0.51x |
| 6% | — | 13.29x | 2.21x | 1.21x | 0.83x |
| 8% | — | — | — | 13.29x | 2.21x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.68x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -4.9%
A small share of profit rests on accounting estimates.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$827M ÷ $384M = 2.15x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 100%+
- Directors & officers (shares)
- 1.9%
- Everyone else (est.)
- ≈0%
- Directors & officers (voting power)
- 1.9%
- Institutional-ownership rank
- 33 of 416
- Beta (adjusted)
- 0.63
Reported total 103.4%
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 8% of covered companies have more
above 1 = swings more than the market
- 104.0M shares reported by 573 13F filers ÷ 100.5M shares outstanding on 2026-07-24. Option positions are excluded.
- The 13F total exceeds shares outstanding because some shares are reported twice — for example shares lent to short sellers and then bought by another manager, or holdings that overlapping managers both report.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-27 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-24)
19
Strengths & weaknessesSite analysis
Strengths
1. Diversified portfolio
Camden operates in 15 major markets, and no property exceeds 1.5% of revenue.
Evidence: Form 10-K (FY2025) Item 2
2. Stable occupancy
Weighted average occupancy was about 95% in 2025 and 2024.
Evidence: Form 10-K (FY2025) Item 2
3. Capital recycling
Camden sold its California portfolio for about $1.625B and bought communities in Georgia, Florida, Tennessee, Texas and Arizona in 2026.
Evidence: Q2 2026 press release
Weaknesses
1. Flat rents
Same-property revenue was flat and NOI fell 1.1% in the first half of 2026 (excluding California).
Evidence: Q2 2026 press release
2. Low GAAP earnings
Net income swings with property sale gains and impairments; it was $163M in 2024 and $384M in 2025.
Evidence: Form 10-K (FY2025) MD&A
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
31.1x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
3.82%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
119%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
3.4%
(Operating CF − capex) ÷ market cap
1. Dividend income
Dividends were $4.20 per share in 2025.
- What has to hold
- FFO covers the dividend.
- The other side
- Same-property NOI is declining.
Evidence: SEC EDGAR XBRL
2. Southern and Western U.S. markets
Camden's largest markets include Houston, Dallas/Fort Worth, Orlando, Atlanta and Phoenix.
- What has to hold
- Demand absorbs new supply, as the company expects.
- The other side
- New supply has pressured rents.
Evidence: Form 10-K (FY2025) MD&A
As a REIT, revenue here is property revenues; capex is property development and capital improvements. GAAP EPS includes gains on property sales; REITs typically focus on FFO.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$25M vs. —
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
0.8x
$386M vs. $461M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Granular revenue
No single property contributed more than 1.5% of revenue.
Source: Form 10-K (FY2025), Item 2
Liquidity
Liquidity was about $287M at June 30, 2026, before receiving the $1.625B California sale proceeds.
Source: Q2 2026 press release
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Camden settled the RealPage rent-pricing antitrust class action for $53 million in 2026. It remains a defendant in related suits by the DOJ, ten states, and the D.C., Arizona and Maryland attorneys general.
1 open matter · 1 settled or closed
DOJ and state AG RealPage suits
PendingAntitrustU.S. DOJ and ten states (with RealPage); Attorneys General of D.C. (Nov. 2023), Arizona (Feb. 2024) and Maryland (added Camden June 5, 2026)
Allege that landlords' use of RealPage revenue-management software amounts to collusion to fix rents. Other state regulators are investigating. The cases are in fact and expert discovery.
- Amounts
- Camden cannot estimate a loss. The remaining accrued contingency was $31.2 million at June 30, 2026.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
RealPage rental software class action
SettledAntitrustIn re RealPage, Inc., Rental Software Antitrust Litigation (No. II) (M.D. Tenn.)
Consolidated MDL of 43 cases alleging a Sherman Act rent-fixing conspiracy. A settlement reached in April 2026 received preliminary approval and includes prospective commitments on business practices.
- Amounts
- $53.0 million in two $26.5 million installments (the second due Q3 2026).
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Law & regulation
RealPage antitrust litigation
- Company disclosure (summarized from the 10-K)
- Camden was named in class actions and in suits by the D.C. and Arizona Attorneys General and the DOJ with ten states, alleging rent collusion through RealPage software. It agreed to pay $53M to settle the class action.
- Company’s stated mitigation
- Settled the class action; says the other suits are without merit.
- This site’s assessment
- Impact Med / Likelihood Med
- 2Competition & technology shift
Housing competition and supply
- Company disclosure (summarized from the 10-K)
- Camden's communities compete with other apartments, condos, single-family homes and short-term rentals; new supply could pressure rents.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3FX & interest rates
Interest rates
- Company disclosure (summarized from the 10-K)
- Camden relies on unsecured notes, a credit facility and commercial paper; it issued $600M of 4.900% notes due 2036 in February 2026.
- Company’s stated mitigation
- Proceeds from the California sale are being used to pay down the credit facility and commercial paper.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Information security
Cybersecurity
- Company disclosure (summarized from the 10-K)
- A cybersecurity incident or other technology disruption could hurt the business.
- Company’s stated mitigation
- Our cybersecurity program ("CSP") is evaluated against the National Institute of Standards and Technology's Cybersecurity Framework ("NIST CSF") and the Center for Internet Security control framework.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (2)
• increased costs, including those driven by tariffs, regulatory changes, or other supplychain cost escalations such as higher prices for materials, equipment, contracted services, compliance requirements, or constraints in global or domestic supply chains; and
Information security risks have escalated as a result of these emerging technologies and the heightened sophistication and activity levels of cyber-attack perpetrators. Read more
Cyber-attacks can include third parties gaining unauthorized access to our data, including sensitive information about our residents, as well as our vendors' data or information technology systems. These attacks may occur through stolen credentials, computer malware, phishing attacks, ransomware, and other deliberate attempts to compromise information security.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 12, 2026 ↗ with the 10-K filed Feb 20, 2025 ↗.
25
What to watch going forwardSite analysis
- Rent growth as new supply moderates.
- Redeployment of the California sale proceeds.
- Outcome of the remaining RealPage cases.
- Share buybacks ($297.9M remaining at June 30, 2026).
- New CEO Alexander Jessett.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 14, 2026 · Financial data fetched: October 17, 2026 10:21 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-12
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Camden Property Trust’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.